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Adjust beginning quantity inventory item?

I inadvertently entered a quantity of 947 when I actually had a beginning quantity of 2624 of one item. Is there a way to edit the beginning quantity of an inventory item without charging an account for it? The help files only seem to deal with beginning balances on bank accounts, receivables and payables, not for screw-ups on inventory items. If QB can't do it, I can work around it by creating a 2nd inventory item with a different stock number and then enter those as the beginning balance for the quantity I didn't originally include.

Bob

Reply to
RobertM
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You do that Bobby Boy. I can see you gave this one a great deal of thought.

Reply to
Allan Martin

The initial quantity entered when creating a new item is recorded by QB as an Inventory Adjustment transaction. Open this transaction and make the correction.

Reply to
!-!

OK thanks. Didn't know I could use that page without filling in a "charge to" account.

Bob

Reply to
RobertM

!-!

How much do you want to bet that Bobby Boy will follow up with a multitude of questions on this one?

Reply to
Allan Martin

See the "Value Adjustment" option? You can adjust quantity only, value only, or both.

I hope you realize - If you have sold any items, they will have been "costed out" at the average cost determined by your original entry. Changing the beginning quantity (only) will not correct your COGS and will also leave an incorrect current value and average cost.

Good thing there's only one item to correct.

account

inventory

Reply to
!-!

Thanks for the excellent advice. Yes, I have sold some but I haven't entered the sales yet into QB. I'm entering all beginning inventory with a QB date of 1-1-06. Meanwhile I have invoices and sales on paper that I'm not entering in until I have the beginning inventory entered for each item. With over 500 different items to enter, it'll probably be a month-long process. As soon as the beginning inventory is entered for an item, then I enter the invoice and receive the parts into QB, then I sell them out of QB. A bit tricky changing over to different accounting software. During the process some things will be done with old fashioned paper and pencil. However, as long as I do it in order in a sequential manner, it should all work out and be worth the effort. I'm really getting to like QB. Does so much more than Mickeysoft did.

Bob

Reply to
RobertM

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